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Chase Bank Limits Cash Withdrawals, Bans International... Before you read this report, remember to sign up to http://pennystockpaycheck.com for 100% free stock alerts Chase Bank has moved to limit cash withdrawals while banning business customers from sending...

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Richemont chairman Johann Rupert to take 'grey gap... Billionaire 62-year-old to take 12 months off from Cartier and Montblanc luxury goods groupRichemont's chairman and founder Johann Rupert is to take a year off from September, leaving management of the...

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Cambodia: aftermath of fatal shoe factory collapse... Workers clear rubble following the collapse of a shoe factory in Kampong Speu, Cambodia, on Thursday

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Spate of recent shock departures by 50-something CEOs While the rising financial rewards of running a modern multinational have been well publicised, executive recruiters say the pressures of the job have also been ratcheted upOn approaching his 60th birthday...

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UK Uncut loses legal challenge over Goldman Sachs tax... While judge agreed the deal was 'not a glorious episode in the history of the Revenue', he ruled it was not unlawfulCampaign group UK Uncut Legal Action has lost its high court challenge over the legality...

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Has the gold bull run out of steam?

Category : Business

Investors have shunned the precious metal in recent weeks, raising concerns the 12-year old bull market in gold is nearing an end.

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VIDEO: Service sector boost for UK economy

Category : World News

The UK’s services sector grew at its fastest pace for five months in January, raising hopes that the economy will avoid falling back into recession.

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Icon Ventures forms from El Dorado’s ashes

Category : Business, Stocks

Enterprise-focused VC firm raising first fund.

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Japan growth figures revised upwards

Category : Business

Japan’s economy stopped contracting in the final quarter of 2012, revised figures show, raising hopes of a recovery.

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Ofcom 4G auction winners announced

Category : Business

Telecoms regulator Ofcom announces the winners of its 4G mobile auction, raising a lower-than-expected £2.34bn for the Treasury.

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Ofcom 4G auction winners announced

Category : Business

Telecoms regulator Ofcom announces the winners of its 4G mobile auction, raising a lower-than-expected £2.34bn for the Treasury.

Originally posted here: Ofcom 4G auction winners announced

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How banks could get blown away by bond bubble

Category : Stocks

A Federal Reserve governor is publicly raising concerns about a bond bubble, and he thinks banks could take a big hit.

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China uses wage to narrow wealth gap

Category : Business

China approves a plan to tackle the widening income gap between rich and poor, which includes raising its minimum wage.

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Apple slides 3%, briefly dips below $500

Category : Business, Stocks

The iPhone maker has reportedly cut orders for some components, raising fears that demand for the device is waning.

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Republicans snub Obama’s choice for treasury secretary

Category : Business

The president’s hopes of an easy nomination process have been dashed by senators vowing to block Jack Lew’s appointment

Barack Obama urged the US Senate to quickly confirm Jack Lew as the new US treasury secretary on Thursday, describing him as a man capable of forging bipartisan compromises.

But the overture was immediately rebuffed by Jeff Sessions, the most senior Republican on the Senate budget committee, who accused Lew of being dishonest and promised an “aggressive” campaign against his nomination.

Sessions appeared to dash hopes of an easy nomination process. “Jack Lew must never be secretary of treasury,” he said. Sessions said comments made by Lew two years ago, when he claimed that Obama’s budget plans would steer the US to a position where “we’re not adding to the debt any more”, were “outrageous and false”.

Lew had been widely expected to sail through the nominating process but the Sessions warning reflects the deeply polarised nature of Washington, especially over budget and tax issues. Obama formally announced at a press conference at the White House that Lew, his chief of staff, would be his nominee to replace Tim Geithner. Lew and Geithner flanked the president as he gave a statement praising both men.

Lew, a long-time Democrat, has been involved in budget battles going back to the early 1980s, through the Clinton years and in the Obama administration. In spite of Republicans having frequently emerged bruised from the encounters, describing him as uncompromising, the commonly held view in Washington was that he was well-enough liked to make it through the nomination process unscathed.

Obama, in his statement, anticipated the coming battles with Republicans in Congress, beginning with a showdown over the $16.4tn (£10.2tn) debt ceiling late next month and further battles over deep spending cuts. The president claimed Lew was well qualified for the job of balancing the budget. He said: “Under President Clinton, he presided over three budget surpluses in a row.” In words aimed at Republicans in Congress, he added: “So for all the talk out there about deficit reduction, making sure our books are balanced this is the guy who did it. Three times.”

He described Lew as low-key, more interested in a discussion with other policymakers rather than appearing on television. “Over the years he has built a reputation as a master of policy who can work with members of both parties and forge principled compromises.”

The Republicans want cuts in welfare programmes, but the Obama administration wants to protect key elements, such as healthcare for the elderly, Medicare, and for the poor, Medicaid, and would rather cut defence spending. The Obama administration also wants tax revenue raising measures included in the mix.

With this in mind, Obama said of Lew: “Maybe most importantly, as the son of a Polish immigrant, a man of deep and devout faith, Jack knows that every number on the page, every dollar we budget every decision we make, has to be an expression of who we wish to be as a nation, our values, the values that says everyone gets a fair shot at opportunity and says we expect all of us to fulfil our obligations as citizens in return.”

Obama added: “Jack has my complete trust … So I hope the Senate will confirm him as quickly as possible.”

This completes the top trio of cabinet appointments, Obama having already nominated John Kerry as secretary of state and Chuck Hagel as defence secretary. Obama praised Geithner for helping to restore the economy after its collapse.

The Republicans want Obama to begin cutting federal spending in return for raising the $16.4 trillion borrowing limit, a potential re-run of a standoff that almost saw the federal government close down in 2011. Obama said earlier this month that raising the debt ceiling should be routine for Congress and he will not engage with Congress this time.

As Treasury secretary, Lew’s signature will appear on currency. His series of loops has started speculation over whether he will try for a more readable signature, as did Geithner. Obama joked that if Lew did not make at least one of his loops legible, he wound rescind his nomination.